MPI’s profit increases by $66.5 million as of the end of 2010 Q3

Buoyed by strong investment returns and continued expansion and upgrading of Manitoba’s vehicle fleet, Manitoba Public Insurance (MPI) is reporting a $91.4-million profit for the nine months ended Nov. 30, 2010, compared to net income of $24.9 million for the same period last year.Physical damage claims incurred increased by $23.9 million, thanks in part to a severe hailstorm that swept through the province, including Winnipeg and surrounding areas.  That August 2010 storm resulted in more than 4,000 claims with an estimated value of $13.5 million. Additionally, several other hailstorms resulted in an increase in claims incurred of $8.9 million.”On the positive side, claims costs for the nine months ended Nov. 30, 2010 decreased by $40 million, to $570 million, compared to the same period last year,” MPI noted in a press release.